“We'll provide the reporting and oversight required for you to assess the company's position. I'm not asking you to ignore the breaches or pretend the problems don't exist.”
He nodded slowly.
She looked toward the rest of the room.
“I'm asking for time to correct the records, establish the operational status of the fleet, and evaluate a responsible restructuring.”
For several seconds, the room remained quiet.
Then another lender asked.
“What's the alternative?”
Noelle looked toward Margaret.
Then answered.
“An orderly sale or refinancing of selected assets, a reduction in discretionary expansion spending, and additional equity support subject to appropriate governance.”
The lender frowned.
“You'd sell aircraft?”
“Aircraft we don't need to operate our core contracts.”
“Even at a discount?”
Noelle nodded.
“If the alternative is risking the entire company through an unsustainable financing structure.”
For a moment, he seemed surprised.
Many executives entered difficult refinancing meetings determined to protect the appearance of success.
Noelle was willing to shrink.
To sell assets.
To admit that the company's expansion had been too aggressive.
And to accept oversight while the records were corrected.
That didn't guarantee the lenders would cooperate.
But it gave them something concrete to evaluate.
After hours of discussion, the parties agreed to work toward a temporary forbearance and reporting arrangement, subject to documentation, conditions, and the lenders' formal approvals.
The agreement would not forgive the debt.
It would not guarantee the company's survival.
And it would not erase the consequences of past decisions.
But it could provide time.
Time to inspect the aircraft.
Time to reconcile the accounts.
Time to pursue claims against responsible parties.
And time to determine whether Ashford Executive Aviation remained commercially viable.
When the meeting ended, Margaret looked toward Noelle.
For a moment, the older woman's eyes filled.
“You did well.”
Noelle shook her head.
“We still have to deliver.”
Margaret nodded.
“I know.”
Then she smiled sadly.
“But you didn't let Gavin decide what our only option was.”
Noelle looked toward the window.
For the first time in days, she allowed herself to feel a small amount of hope.
The investigation into Adrian Pike produced evidence that was difficult to explain as ordinary commercial enthusiasm.
The forensic team discovered a series of communications between Adrian, representatives of Royce Capital, and personnel associated with Keystone Aero Logistics.
The correspondence showed discussions about fleet-readiness expenditures, anticipated lender concerns, and the possibility of using a liquidity crisis to justify changes in Ashford's ownership.
Some messages were ambiguous.
Others were not.